Forsta AP Fonden Acquires 107,200 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Forsta AP Fonden significantly increased its stake in Robinhood Markets by 95% during the first quarter, acquiring an additional 107,200 shares, bringing its total holdings to 220,100 shares valued at $9.16 million.
• Several institutional investors, including Whipplewood Advisors and Hemington Wealth Management, have also greatly increased their positions in Robinhood, indicating strong interest in the stock.
• Robinhood Markets reported earnings of $0.42 per share, exceeding estimates, with a quarterly revenue of $989 million, which reflects a 45% increase from the previous year.

Forsta AP Fonden boosted its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 95.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 220,100 shares of the company's stock after purchasing an additional 107,200 shares during the quarter. Forsta AP Fonden's holdings in Robinhood Markets were worth $9,161,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Whipplewood Advisors LLC grew its position in shares of Robinhood Markets by 564.4% during the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock worth $25,000 after acquiring an additional 508 shares during the last quarter. Hemington Wealth Management lifted its holdings in shares of Robinhood Markets by 52.2% in the 1st quarter. Hemington Wealth Management now owns 636 shares of the company's stock valued at $26,000 after buying an additional 218 shares during the period. Wayfinding Financial LLC purchased a new position in shares of Robinhood Markets in the 1st quarter valued at about $30,000. CoreCap Advisors LLC boosted its stake in shares of Robinhood Markets by 191.6% during the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock worth $31,000 after acquiring an additional 550 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of Robinhood Markets by 139.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 854 shares of the company's stock valued at $36,000 after buying an additional 498 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

HOOD has been the topic of a number of recent research reports. Morgan Stanley upped their target price on Robinhood Markets from $43.00 to $110.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Cantor Fitzgerald upped their price objective on Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. KeyCorp increased their price objective on Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Citigroup boosted their target price on shares of Robinhood Markets from $100.00 to $120.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Finally, JMP Securities boosted their price objective on shares of Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a research report on Thursday, July 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Robinhood Markets presently has a consensus rating of "Moderate Buy" and an average price target of $96.29.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $104.73, for a total transaction of $614,136.72. Following the sale, the chief technology officer owned 3,044 shares in the company, valued at approximately $318,798.12. The trade was a 65.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven M. Quirk sold 40,131 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $104.71, for a total transaction of $4,202,117.01. Following the completion of the transaction, the insider owned 120,408 shares of the company's stock, valued at approximately $12,607,921.68. The trade was a 25.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,752,293 shares of company stock worth $436,586,556. 14.47% of the stock is owned by corporate insiders.

Robinhood Markets Trading Down 0.9%

HOOD stock traded down $1.01 during trading on Monday, hitting $113.62. The company had a trading volume of 36,837,913 shares, compared to its average volume of 41,835,168. Robinhood Markets, Inc. has a fifty-two week low of $18.11 and a fifty-two week high of $117.47. The firm has a market capitalization of $100.97 billion, a price-to-earnings ratio of 57.68, a P/E/G ratio of 4.37 and a beta of 2.36. The business has a 50 day moving average of $91.32 and a 200 day moving average of $64.19.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%. The firm had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. During the same period in the prior year, the firm posted $0.21 earnings per share. The firm's revenue for the quarter was up 45.0% compared to the same quarter last year. As a group, equities analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

About Robinhood Markets

Robinhood Markets, Inc operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), American depository receipts, options, gold, and cryptocurrencies. The company offers fractional trading, recurring investments, fully-paid securities lending, access to investing on margin, cash sweep, instant withdrawals, retirement program, around-the-clock trading, and initial public offerings participation services.